Business Services Industry
ASIC case flawed, says One.Tel counsel.
Australasian Business Intelligence, June, 2006
Byline: Elisabeth Sexton
Jun 13, 2006 (The Sydney Morning Herald - ABIX via COMTEX) -- David Williams SC has made the first statement for the defence in the case against One.Tel directors Jodee Rich and Mark Silbermann. The Australian Securities & Investments Commission (ASIC) has brought the charges over the telco's collapse, and is seeking a compensation payment of $A92m. Williams argued in the Supreme Court of New South Wales on 13 June 2006 that ASIC had not been able to demonstrate the pair knew about the true state of financial affairs. A right issue worth $A132m was cancelled by the board when it appeared the company was beyond saving, but Williams suggested that major investor Publishing & Broadcasting Limited exerted influence in the matter. He...
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